MIRA INFORM REPORT
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Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SANITRONGREANG LIMITED
PARTNERSHIP |
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Registered Office : |
30/3
Moo 10, T. Klongkwang, A. Sainoi, Nonthaburi 11150,
Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.01.2005 |
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Com. Reg. No.: |
0123548000745 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Distributor of agriculture
products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
SANITRONGREANG LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 30/3
MOO 10, T. KLONGKWANG, A. SAINOI,
NONTHABURI 11150,
THAILAND
TELEPHONE : [66] 2921-9698-9
FAX :
[66] 2921-9698
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0123548000745 [Former
: 0127334800744]
CAPITAL REGISTERED : BHT. 500,000
CAPITAL PAID-UP : BHT.
500,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MR. SANIT CHANTRI,
THAI
MANAGING PARTNER
NO.
OF STAFF : 10
LINES
OF BUSINESS : AGRICULTURE PRODUCTS
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on January 28,
2005 as a
limited partnership under the
name style SANITRONGREANG LIMITED
PARTNERSHIP by Thai
partners, with the
business objective to
distribute agriculture products
in Nonthaburi province.
It currently employs
approximate 10 staff.
The
subject’s registered address
is 30/3 Moo
10, T. Klongkwang, A. Sainoi,
Nonthaburi 11150, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Mr. Sanit Chantri can
sign on behalf
of the subject
with seal affixed.
He also bears
full financial responsibility by
law.
MANAGEMENT
Mr. Sanit Chantri is
the Managing Partner.
He is Thai
nationality with the
age of 42
years old.
BUSINESS OPERATIONS
The subject is
engaged in distributing of agriculture
products, mainly fresh
and dried vegetable,
such as chili,
garlic, onion, tamarind,
bean, sweet corn
and etc.
PURCHASE
100%
of the products
is purchased from
local planters, farmers
and suppliers.
SALES
The
products are sold
locally by wholesale
to dealers and
end-users.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
10 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and warehouse at the heading
address. Premise is
located in provincial,
on the outskirts of
Bangkok.
REMARK
CREDIT
OF US$ 125,000 AGAINST
D/A TERM SHOULD
BE IN ORDER.
COMMENT
Subject
had moderate business
in the past
year. Strong consumption
from economy recovering
has risen demand
of agricultural products
in 2010. As
well in line with
continue growing of
agriculture sector in 2011 has
also witnessed an
upward trend of related
industries.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000 which
was carried by
3 persons as
followed:
Name Age Amount
Mr. Sanit Chantri 42 Bht.
300,000 [Unlimited Partner]
Mrs. Chamnan Chantri 43 Bht. 100,000
Ms. Araya Chantri 22 Bht.
100,000
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr. Suthep Trakulviriya No.
7183
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
24,114.12 |
68,595.77 |
|
Inventories |
7,921,612.20 |
3,997,022.37 |
|
|
|
|
|
Total Current Assets
|
7,945,726.32 |
4,065,618.14 |
|
|
|
|
|
Fixed Assets |
4,569.49 |
9,682.78 |
|
Guarantee |
186,000.00 |
186,000.00 |
|
Total Assets |
8,136,295.81 |
4,261,300.92 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Person
Related |
4,540,000.00 |
1,090,000.00 |
|
Other Current Liabilities |
97,304.65 |
95,452.25 |
|
|
|
|
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Total Current Liabilities |
4,637,304.65 |
1,185,452.25 |
|
Total Liabilities |
4,637,304.65 |
1,185,452.25 |
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|
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Shareholders’ Equity |
|
|
|
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Capital Paid |
500,000.00 |
500,000.00 |
|
Retained Earning-
Unappropriated |
2,998,991.16 |
2,575,848.67 |
|
Total Shareholders' Equity |
3,498,991.16 |
3,075,848.67 |
|
Total Liabilities & Shareholders' Equity |
8,136,295.81 |
4,261,300.92 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
17,660,622.00 |
14,414,353.30 |
|
Total Sales |
17,660,622.00 |
14,414,353.30 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
14,436,862.23 |
11,288,158.12 |
|
Selling and Administrative Expenses |
2,711,727.63 |
2,702,070.25 |
|
Total Expenses |
17,148,589.86 |
13,990,28.37 |
|
Profit before Income Tax |
512,032.14 |
424,124.93 |
|
Income Tax |
[88,889.65] |
[87,058.25] |
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|
|
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Net Profit / [Loss] |
423,142.49 |
337,066.68 |
|
Retained Earning, Beginning
of Year |
2,575,848.67 |
2,238,781.99 |
|
|
|
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Retained Earning, End
of Year |
2,998,991.16 |
2,575,848.67 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.71 |
3.43 |
|
QUICK RATIO |
TIMES |
0.01 |
0.06 |
|
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|
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3,864.90 |
1,488.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.17 |
3.38 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
200.28 |
129.24 |
|
INVENTORY TURNOVER |
TIMES |
1.82 |
2.82 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
200.28 |
129.24 |
|
|
|
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PROFITABILITY
RATIO |
|
|
|
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COST OF GOODS SOLD |
% |
81.75 |
78.31 |
|
SELLING & ADMINISTRATION |
% |
15.35 |
18.75 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
18.25 |
21.69 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.90 |
2.94 |
|
NET PROFIT MARGIN |
% |
2.40 |
2.34 |
|
RETURN ON EQUITY |
% |
12.09 |
10.96 |
|
RETURN ON ASSET |
% |
5.20 |
7.91 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.28 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.33 |
0.39 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
22.52 |
|
|
OPERATING PROFIT |
% |
20.73 |
|
|
NET PROFIT |
% |
25.54 |
|
|
FIXED ASSETS |
% |
(52.81) |
|
|
TOTAL ASSETS |
% |
90.93 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
18.25 |
Impressive |
Industrial Average |
6.48 |
|
Net Profit Margin |
2.40 |
Impressive |
Industrial Average |
0.42 |
|
Return on Assets |
5.20 |
Impressive |
Industrial Average |
1.35 |
|
Return on Equity |
12.09 |
Impressive |
Industrial Average |
4.62 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 18.25%. When
compared with the industry average, the ratio of the company was higher. This
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 2.4%,
higher figure when
compared with those of its average competitors in the same industry,
indicated that business was an efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
5.2%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 12.09%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the average
competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.71 |
Impressive |
Industrial Average |
1.20 |
|
Quick Ratio |
0.01 |
|
|
|
|
Cash Conversion Cycle |
200.28 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.71 times in 2010, decrease from 3.43 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.01 times in 2010,
decrease from 0.06 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 201 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Impressive |
Industrial Average |
0.73 |
|
Debt to Equity Ratio |
1.33 |
Satisfactory |
Industrial Average |
2.51 |
|
Times Interest Earned |
- |
|
Industrial Average |
0.58 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.57 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3,864.90 |
Impressive |
Industrial Average |
6.45 |
|
Total Assets Turnover |
2.17 |
Acceptable |
Industrial Average |
3.41 |
|
Inventory Conversion Period |
200.28 |
|
|
|
|
Inventory Turnover |
1.82 |
Deteriorated |
Industrial Average |
7.08 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
7.48 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.46 |
|
UK Pound |
1 |
Rs.71.53 |
|
Euro |
1 |
Rs.64.63 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership background
(20%) Payment record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.